The banking industry is justified in seeking a one percentage point cut in the cash reserve ratio (CRR) — the proportion of deposits required to be compulsorily maintained with the Reserve Bank of India. True, the present CRR requirement, at 4 per cent of banks’ net liabilities, is already a 40-year-low. The demand for pegging the CRR still lower at three per cent, however, has the merit of being in line with the received wisdom that regarded it as the bare minimum level necessary for the purposes of prudent banking...........
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